Relating to the regulation of pharmacy benefit managers providing services to the Public Employees Insurance Agency.

HB 5365 regulates pharmacy benefit managers (PBMs) that provide prescription drug coverage services to West Virginia's Public Employees Insurance Agency (PEIA). The bill amends state code to create a special investigating unit within PEIA and grants the Insurance Commissioner authority to investigate PBM practices. It defines key terms related to PEIA operations and establishes oversight mechanisms for PBMs handling state employee health benefits. This bill directly affects PEIA and its contracted PBM providers, focusing on increasing transparency and accountability in prescription drug benefit management. The legislation is currently in committee review (House Banking and Insurance) after introduction on February 9, 2026.